DAILY  OUTLOOK : 

It seems the EUR/USD will enter a sideways situation, this is indicated by the following facts :

(1) 5 Days periode Simple Moving Avarage (Red) is now in the middle of two other Moving Avarage (between the 20 Days -Blue and the 60 Days - Green).

(2) The May 9th / 2011 Daily Bar formed as the "Measuring Bar" for the next day bar including this day.

If until next Friday the EUR/USD closing price at the Daily charts is still between the range of those "Measuring Bars" (between 1.4254 to the 1.4441 levels) it will cause this pair to enter the Sideways situation. For today this pair is likely to test the support target at 1.4350, on the other hand, if the pair can break out the opening level at 1.4404; it will make the pair test the 3 days high level at 1.4441; however the downside momentum seems stronger, this is indicated by  by MACD  in the "Positive Sell" area (red: death cross below the 0 level).